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and Statutes 469.174 to 469.1794, inclusive, as amended. <br /> <br /> <br />e.The project must be consistent with the city’s Comprehensive Plan, Land <br />Use Plan, and Zoning Ordinances. <br /> <br /> <br />f.A Non-Housing project shall serve at least two of the following public <br />purposes: <br /> <br /> <br />Creation of jobs with livable wages and benefits. <br /> <br /> <br />Significantly increase the city’s tax base. <br /> <br /> <br />Enhancement or diversification of the city’s economic base. <br /> <br /> <br />Industrial development that will spur additional private investment in <br />the area. <br /> <br /> <br />Fulfillment of defined city objectives such as those identified in the <br />city’s Comprehensive Plan and the city’s Economic Development <br />Strategic Plan, among others. <br /> <br /> <br />Removal of blight or the rehabilitation of a high profile or priority <br />site <br />two <br /> <br />g.A Housing Project shall serve at least of the following public purposes: <br /> <br /> <br />Enhancement or diversification of the city’s housing stock. <br /> <br /> <br />Development that will spur additional private investment in the area. <br /> <br /> <br />Fulfillment of defined city objectives such as those identified in the <br />city’s Comprehensive Plan and the city’s Housing and <br />Redevelopment Strategic Plan, among others. <br /> <br /> <br />Removal of blight or the rehabilitation of a high profile or priority <br />site. <br /> <br />VII. <br /> <br />SUBSIDY AGREEMENT & REPORTING REQUIRMENTS <br /> <br />All developers/businesses receiving Tax Increment Financing assistance from the <br />city of Elk River shall be subject to the provisions and requirements set forth by the <br />city’s Business Subsidy Policy as amended and Minnesota Statutes Sections 116J.993 <br />to 116J.995 (the “Minnesota Business Subsidy Law”), if applicable. <br /> <br />VIII. <br /> <br />PUBLIC INFORMATION NOTICE <br /> <br />Generally, correspondence to and from Staff is considered public information. <br />Specific data related to a financial assistance request is deemed not public: (e.g.) <br />Financial Information, Financial Statements, Net worth Calculations, Business Plans, <br />Income and Expense projections, Balance Sheets, Customer Lists, Income Tax <br />returns. When public financial assistance is received, only the following remains not <br />public: Business Plans, Income and Expense projections, Customer lists, Income tax <br />returns, design, market, and feasibility studies not paid for with public funds. The <br />city allows an applicant to submit sensitive financial information directly to the city’s <br />financial consultant, for additional security. <br /> <br /> <br /> <br /> <br />City of Elk River Tax Increment Financing Policy & Application <br />Amended March 2017 <br />Page 7 of 15 <br />